ELV vs MRAM: Correlation
Measured on weekly returns over the past three years, Elevance Health (ELV) and Everspin Technologies, Inc. (MRAM) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELV and MRAM?
On 3 years of weekly data the ELV/MRAM correlation comes out at 0.34, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.54 versus 0.34 over 3 years. The 5-year figure is 0.28, and annualized covariance runs at 655.8 %².
Within ELV's tracked universe of 27 assets, MRAM comes in at #13 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MRAM ahead by 141.7 points (+31.5% versus +173.2%). Note the risk asymmetry: MRAM runs 2.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ELV vs MRAM: side by side
| ELV (Elevance Health) | MRAM (Everspin Technologies, Inc.) | |
|---|---|---|
| 1-year return | +31.5% | +173.2% |
| 5-year return | +15.7% | +134.7% |
| Volatility (ann.) | 28.0% | 69.5% |
| Beta vs S&P 500 | 0.37 | 1.58 |
| Max drawdown (3Y) | -50.4% | -70.6% |
| Market cap | $86.6B | $0.4B |
| P/E (trailing) | 17.8 | – |
| Dividend yield | 1.70% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | ELV | MRAM |
|---|---|---|
| 2022 | +11.8% | -50.8% |
| 2023 | -6.9% | +62.6% |
| 2024 | -20.7% | -29.3% |
| 2025 | -3.1% | +45.2% |
| 2026 | +15.0% | +88.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELV and MRAM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ELV and MRAM?
The ELV/MRAM correlation stands at 0.34 on a 3-year window (1 year: 0.54, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is MRAM a good diversifier for ELV?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/elv-vs-mram.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/elv-vs-mram/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELV correlations · MRAM correlations
